MULTIFAMILY NEWS

Wynn and Molasky win big with Vegas funding Las Vegas developers Irwin Molasky, managing partner of The Molasky Cos., and Steve Wynn, chairman of Mirage Resorts, have secured construction financing for the $125 million Park Towers at Hughes Center, a twin-tower, 84-unit luxury condominium complex. Construction of the 20-story buildings, which began in September, will be funded by Societe Generale in Paris and the Bank of Nova Scotia in Toronto.

The complex will feature two- to four-bedroom units, with floor plans ranging from 2,100 sq. ft. to 5,400 sq. ft. The condominiums will also have balconies with views of the Las Vegas strip and surrounding mountains. The complex also includes a fitness center; steam, sauna and massage rooms; a private wine cellar; a movie screening room; a library; and a full business center. Occupancy is scheduled to begin in fourth-quarter 2000.

AMI finances Orlando luxury apartments The Dallas office of Bethesda, Md.-based AMI Capital Inc. has arranged a $22 million, first-mortgage loan for the construction of The Fountains at Waterford Lakes, a Class-A apartment complex in Orlando, Fla. The Altamonte Springs, Fla., office of Houston-based Bank United executed the loan.

The community, which will consist of 15 three-story buildings with an average unit size of 949 sq. ft., will be in the existing Waterford Lakes planned-unit development, an 1,800-acre site in east Orlando. The project's amenities will include ceramic tile entries, French doors, walk-in pantries and closets, and garages with automatic-door openers.

Archstone Communities marks Midwest entry Englewood, Colo.-based Archstone Communities has made its foray into the Midwest apartment market with three acquisitions in the suburbs of Chicago and Minneapolis. The company's purchases - which total $72.4 million - include Garden Glen Apartments, a 460-unit complex in Schaumburg, Ill.; Prairie Court, a 125-unit community in Oak Park, Ill.; and Eden Commons, a 196-unit complex in Eden Prairie, Minn. Archstone also officially opened in September a full-service Midwest office in Oak Brook, Ill., to support the purchases.

Greenwich Group arranges financing for Charleston complex The Greenwich Group International, New York, has arranged an $18 million financing package for Cypress Cove, a 264-unit upscale apartment complex in Charleston, S.C. The Seltzer Group of New York and Fort Washington, Pa., is the developer of the project, which will consist of one-,two- and three-bedroom homes near Charleston's historic downtown district.

With its groundbreaking in August, the first 24-unit building should be delivered in May 2000. The remaining units should be finished by the end of next year. The financing package, executed by New York-Lehman Brothers and Horsham, Pa.-based GMAC Commercial Mortgage Corporation, consists of separate construction loan and mezzanine equity packages.

AMI finances Orlando luxury apartments The Dallas office of Bethesda, Md.-based AMI Capital Inc. has arranged a $22 million, first-mortgage loan for the construction of The Fountains at Waterford Lakes, a Class-A apartment complex in Orlando, Fla. The Altamonte Springs, Fla., office of Houston-based Bank United executed the loan.

The community, which will consist of 15 three-story buildings with an average unit size of 949 sq. ft., will be in the existing Waterford Lakes planned unit development, an 1,800-acre site in east Orlando. The project's amenities will include ceramic tile entries, French doors, walk-in pantries and closets, and garages with automatic-door openers.

The total rentable space will be 238,800 sq. ft., with amenities such as a resort-style swimming pool, business center and fitness facility.

New Hampshire apartment complex has grand opening Dallas-based developer JPI recently celebrated the grand opening of Jefferson on the Merrimack, a 240-unit, luxury apartment complex located on 27 wooded acres in Bedford, N.H. Completion of the colonial-style community is scheduled for December.

The complex offers one- and two-bedroom floor plans and has exercise and weight-training rooms; a business center equipped with a computer, copier and fax machine; and a surround-sound video theater.

Bowers & Co. peddles Peachtree Place Atlanta-based Richard Bowers & Co. has brokered the sale of the Peachtree Place apartment community, located in Atlanta's upscale Buckhead neighborhood. The Finger Cos., Houston, sold the 330-unit property to Atlanta-based Margolias Realty.

Sitting just east of the Georgia 400 highway, Peachtree Place consists of 18 two- and three-story buildings. The apartments, which range from 681 sq. ft. to 1,402 sq. ft., feature 9-ft. ceilings, oversized bedrooms and recessed lighting.

The complex also has a resort-style swimming pool, a fitness room and a fully-equipped business center.

Colin Mackenzie, investment specialist in Marcus & Millichap's San Francisco office, represented both parties in the transaction. The 15-acre apartment complex was built in 1987 and features three pools, a spa and landscaping. Each apartment contains washer/dryer hookups, vaulted ceilings and fireplaces.

TCC handles $108 million sale of Boston apartment tower Dallas-based Trammell Crow Co. has negotiated the sale of Museum Towers at North Point, a new 435-unit luxury apartment complex in Cambridge, Mass., for $108 million. Robert E. Griffin Jr., Edward C. Maher Jr. and Marci B. Griffith of Trammell's Boston-based Investment Services Group represented the seller, Cambridge-based Congress Group Ventures, and procured the purchaser, New York City-based Clarion Partners.

Developed by Congress Group and located in North Point Park just across the Charles River from downtown Boston, Museum Towers features two 24-story buildings that also have 2,500 sq. ft. of retail space. The complex contains studio, one- and two-bedroom apartments, and 32 penthouse suites, many of which feature balconies. Amenities include views of the Charles River, the Back Bay and downtown Boston; a 490-car parking garage; and a two-level, 14,000-sq.-ft. health club with an Olympic-sized pool.